By the end of 2030, Global Electric Car market revenue estimated $900 billion to $1 trillion mark.

It is estimated that globally almost 16 million units of the electric cars will be sold by end of 2024, which includes all 3 powertrains i.e. BEV, PHEV and HEV.

The electric vehicle market is marked by significant volatility, making it a highly dynamic and unpredictable sector. This volatility is driven by frequent and rapid changes that can drastically alter market conditions. Companies in this space often experience swift shifts in consumer demand and competitive positioning. Market players must constantly adapt to new technological innovations and regulatory environments, which can change quickly and impact market dynamics profoundly.

According to a Exeget Insights, the electric car market will grow at a compound annual growth rate (CAGR) of 13.3% from 2024 to 2030. By the end of 2030, over 14 million units of electric cars are expected to be sold, with revenue estimated to surpass the $900 billion to 1 trillion mark. The forecast for electric car sales in 2024 is even more encouraging, with an estimated 12 million units anticipated to be sold.

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Key Segments of the market:

- By Powertrain: Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV), Hybrid Electric Vehicles (HEV)

- By Range (in miles): 0-150, 150-250, 250-350, 350-450

- By Price Category: High price, mid price, low price

- By Region: North America, Asia-Pacific (APAC), Europe, Latam

Analyzing the Market Trends

At Exeget Insights, we have a thoughtful approach to market research. Our latest report on the electric car market is a testament to our dedication to detail and quality. Our analysis uncovers key trends, opportunities, challenges, historical analysis, and forecasts for the electric car market until 2030. While our report focuses on presenting essential findings, it is designed to help you understand the market landscape better.

Comprehensive Insights

Our full report includes the following:

- Trends and drivers of the electric car market

- Region-wise historical analysis of the electric car market

- Region-wise forecast of the electric car market from 2024-2030

- Risk assessment of the market

- Price analysis

- Competitive analysis in the industry

- Important findings from our study

Looking Forward

The future of electric cars looks promising, with significant growth expected in the coming years. Key trends for 2024 include the continued expansion of EV charging infrastructure, advancements in battery technology, and increased adoption of electric vehicles across various price categories. The electric vehicle market is poised for substantial growth, driven by consumer demand for sustainable and cost-effective transportation options. Advances in electric car technology and the increasing availability of EV charging stations further enhance the appeal of electric vehicles.

Objective of the report

To provide insights to the stakeholders in the market. Making them easier to take better decisions with the investments in the market by not only making good investments, but also avoiding the bad investment calls.

To achieve this, we have to be in contact with the KOL’s (Key Opinion Leaders) who hold unbiased view in their approach towards the market, avoiding any conflict of the interest. This was the basis of our analysis for the electric car market report.

Key Highlights of the report:

Highly Quantitative and secondary research

The report comprises of the combination of majorly the quantitative and secondary data. The quantitative data is 100% of the report as the glimpse of it provides scenarios related to numbers. For the qualitative data like the consumer surveys, we sourced it from the government website documents. The majority of the source for our data was secondary, with only primary source being the Key Opinion Leaders with experience in this field. The limit of the primary source was only limited for getting insights, understanding the scenario of the industry.

 Deep Comprehensive research

The data includes the numbers by ‘units delivered’ and ‘revenue’ by each brand for their respective top performing models. Our data has been found to be more than 95% accurate after cross validating it with the original company annual reports.

We have studied almost all brands and their top performing models by the units delivery.

For forecast analysis, along with the historical trends, certain parameters that influence the Electric car market were also used.

Findings and observations

The report includes the section of the findings and observations that we believe would be beneficial for strategy formulation. The findings and observations were achieved after extensive analysis between the cross segments of the market for each region.

For example: If any significant changes in the low priced, Electric SUV segment in US region was found historically, it was included in the Observation and Findings section.  

This has also given us an understanding of how different segments have performed in each region covered in the report.

Risk Identification and Assessment

Through extensive study from the combination of primary sources and the secondary sources we identified the risks to the electrical car market. The identified risks were also further assessed for their potential severity, the degree at which a certain risk can affect the market. The section is presented in the detail with the Risk Assessment matrix and charts with the extensive description. 

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